Yesterday the market was still tune in slow motion. The trade volume has exceeded painfully € 2 billion on the great values ​​of the Paris stock exchange. On this day of "Black Friday" in U.S. markets opened for a half session. This day, like every day after Thanksgiving, sounds the start of the race for Christmas Atlantique.Chasse addition to good affairesAprès six consecutive sessions of sharp declines, few operators present at the Paris Stock Exchange engaged in an intense bargain hunting in financials and cyclicals cash advance.Operators complain German blockages on the tasks of the European Central Bank (ECB). France advocates a more determined it to help countries in trouble. Germany refuses. Sign of the tensions still very strong on sovereign debt, the performance of the Italian debt in two years reached a new peak since the creation of the euro, exceeding 8% in session on the secondary market.

Values ​​to follow

Axa (1.67% to 8.85 euros)

Groupama considered too low prices offered at this stage for its subsidiary Gan Assurances and may delay the sale beyond the end of 2011, reports vendrediLes Echos.

On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions. As the major U.S. money market funds.

Project buried by BNP Paribas

According to the JDD, Societe Generale would have accepted the plan, subject to conditions.CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

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The market for sports rights is held by three giants. IMG, the world, which weighs about 1.5 billion euros of turnover, is owned by Forstmann Little and the fund would be about to be sold. The world number two with Infront is 600 million euros in turnover with, the key, an estimated gross operating margin from 10% to 15%. It beats out number three, Sportfive, bought in 2006 by the Lagardère Group for 865 million euros.Sportfive is clearly slowing, and in 2010, its activity dropped by 23% to 396 million euros.

"Infront's activity is divided into four more or less equivalent. Football with the rights of the German, Italian League (Lega Calcio) and the rights of big clubs like AC Milan, Schalke 04 and Werder Bremen. Then there are winter sports, such as [events of] the International Ski Federation, or [of] the International Federation of ice hockey. And summer sports such as volleyball, handball and basketball in China. Finally, Infront carries the audiovisual production of major events in human as well as World Cup football and the championship of France Ligue 1, "said Robert Xavier, a partner at Bridgepoint in Paris guaranteed approval cash loans.

For an investment fund, Infront has some nice features.About 80% of its turnover is earned from January 1 and the rate of renewal of contracts with rights holders to 90%. In addition, the fund has this job because it has the past five years the Spanish company Dorna, which manages the Grand Prix motorcycle.

Disintermediation

The global market for sports rights is estimated at $ 121 billion in 2011 and that of media rights and sponsorship is $ 56 billion. If the market is still growing at a rate of 4 to 5% a year, it faces a disintermediation. "The leading licensors such as UEFA, FIFA, the International Olympic Committee have the means to directly sell their rights," says Robert Xavier.

However, Bridgepoint estimates that there are significant growth drivers for Infront. Geographically first.Very presence in Europe and Asia, Infront has yet to conquer Great Britain and South America, a continent with very dynamic football World Cup 2014 and Olympics 2016 in Brazil.

The progressive development of human-related internet sports is another area of ​​growth. Finally, Bridgepoint does not hide that he may run when the throw-in sports rights held by Sportfive far as the African Cup of Nations.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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As in Frankfurt and London, Paris had already opened in the red, losing 1.15% to 3216.77 points after a session hesitant. The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries. In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector that was most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe from being passed to the U.S. economy through them.

In Paris, Societe Generale (-12.34% to 21.60 euros), attacked again, signs the largest decrease in the CAC. The bank is followed by Credit Agricole (-7.29% to 6.228 euros), BNP Paribas (-6.76% to 34.21 euros), AXA (-7.09% to 10.555 euros) and Natixis (-6, 04% to 2.896 euros).

Disappointing indicators in the U.S.

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday. Asian markets themselves, showing up mostly in dark red on Thursday."There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

This afternoon, a series of disappointing macroeconomic indicators published in the United States have also added to investor concerns:

The Labor Department reported a higher-than-expected jobless claims last week. They reach 408,000 registrations, against 399,000 the previous week. Economists on average had expected 400,000. The consumer prices have in turn increased more than expected in July (0.5%), driven by the rebound in gasoline prices.

The index of the Philadelphia Fed, the "Philly Fed" is, moreover, emerged in a very sharp decline in August, well below expectations (-30.7) and marking its lowest level since March 2009.The index of U.S. leading indicator also rose more than expected in July to a record high, due to growth in money supply and a decline in jobless claims, the Conference Board said Thursday.

Finally, existing home resales fell contrary to expectations: they were down 3.5% in July, while analysts expected a 3.8% increase, according to figures from the NAR.

The France keep its AAA by S & P

However, on Thursday, Standard & Poor's said she was "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro accelerated its decline against the greenback in morning trading. It is worth 1.4281 dollars, against 1.4428 late Wednesday. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Oil markets, prices opened down sharply in New York, the new access affected in a bad mood.To 15 hours (French time), a barrel of "light sweet crude" for September delivery was trading at 85.02 dollars, down 2.56 dollars compared to the previous day.

Values ​​to follow

Lafarge: -7.15% to 27.01 euros

The cement may react to the publication of the results of its Swiss rival Holcim. The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -5.96% to 18.79 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart."It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec, which is the second largest decline of ACC (-9.77% to 57.66 euros). UBS changes to "neutral" against the "purchase" of Veolia (-8.73% to 10.45 euros), Nomura cut its price target on EDF (-7.61% to 19.91 euros) to 33 euros against 47.50 euros.

The spring is not new. But there are still underfoot. Saint Moret, Mousline, Vichy Celestine, Lustucru, Lesieur … There are countless brands, often food, using this old trick to get back in the race. This product group to be so fond of nostalgia owes nothing to chance. The industry has gone through many health crises. The housewife needs to be reassured.And brands, competition from products distributors, have to improve their image in order to justify their high prices.

A 2002 study by two American academics confirmed that nostalgia was a powerful emotional lever called to grow with the aging baby-woofer. Their results have shown that using referents nostalgic brands have a better image than those that do not appeal to that feeling.

On television, the technique is primarily to take the music of the original ad of the 1970s or 1980s that rocked the children of the seventies, today's young parents sensitive to these songs that remind them of advertising time blessed carelessness. With some adjustments. The film Mousline of 2010 shows the ingredients of the musical saving account payday loan.But if, in 1976, the mother served mashed six charming darlings, round the table was reduced to three children in 2010, and the text has changed. In the original version, the mother is "sure that everyone takes." In 2010, the spot shot by Gerard Jugnot and designed by Publicis Conseil, it is "sure what is inside." The campaign to Mousline to regain 5 points of market share.

Semantic shift

Same recipe for Lesieur, in an adaptation even more telling. Last April, the brand has unearthed an oil spot in 1986 and its slogan "No error is Lesieur" to boost sales. The working woman who claimed "I want it all," "be any more chew and chew," always wants everything. But differently.The liberated woman is a woman become concerned about their well-being which means "all full of omega 3 to take good care of me, know where it comes from, how cultivated by hand."

If it is informative, the semantic shift should not obscure the true function of nostalgia. "Operating a legendary signature allows us to reach levels of memory that the current fragmentation of audiences now makes it inaccessible," said Frederic Raillard, co-founder of the agency Fred & Farid, originally campaigns Le Rustique and Lesieur.

A year ago, the Martians of the pub Lustucru conducted by Stephen Chatiliez in 1984. (Photo credits: DR)

Myths are they indestructible? Thirteen years after a first attempt, Volkswagen is launching another reinterpretation of the famous Beetle, this time registering much in the trend néorétro. The success of the Fiat 500 and Mini gave ideas in Wolfsburg, which has for her global ambitions.The car, made only in Mexico, will finish tailored to tastes of American consumers (60% of estimated sales), Europe, and now Chinese.

Greenpeace officials, who estimate that 5.20 euros per tonne the cost of this energy source on the health of the Chinese, have swallowed their breakfast "organic" by browsing through a US-Finnish study play down the impact of coal on the environment. According to Professor Kaufmann of Boston University, the sulfur released by 1400 the country's thermal power blocks sunlight personal loans for people with bad credit. Between 2003 and 2007, sulfur offset the increase in the concentration of carbon dioxide.

The researcher points out that the installation of scrubbers in 2009 and 2010 in the coal coincides with a rise in temperatures.Increase already noticeable in the 1970s when the West began to fight against acid rain. The trend is not expected to diminish as the Middle Kingdom takes 70% of its energy from coal. Charles Gautier

For Christophe Lambert, now CEO of the all-powerful group, "EuropaCorp was primarily impacted by lower international sales embodies the commercial failure of Arthur and distribution 3.This performance-cons is responsible for 60% of our loss, "said the head this morning that he intends to return to strict financial orthodoxy. The cost of restructuring also weighed on the accounts whether "stop five projects," "the revision of revenue projections for two feature films," but also "Stop activities as literary publishing, music production or advertising. " Finally, EuropaCorp had to "increase its overhead by 24%" much to integrate its new production for television address issues of governance that have hit the headlines last fall with the departure of Pierre-Ange Le Pogam.

Christophe Lambert believes, however, have reasonable satisfaction that have clearly not lost on analysts.Thus, sales grew by TV France 56.3%, and the activity rooms in France 61.6%, thanks in particular to the success of "Little White Lies." Finally, business TV series shows a turnover of 15.7 million euros, in particular through the series, "XIII" broadcast on Canal +.

The studio, which now considers to be in working order, confirms its forecast of a return to balance for the year 2011-2012. It is based on announced the release of a dozen films, including major productions in English as "Transformer", "Colombiana" and "Lock Out", and 3D animation as "A Monster in Paris". Is appealing the market susceptible to the charms of the black screen.

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The stakes are high for Microsoft. Office software suite, known to the public for its messaging (Exchange), its communication programs (MSN), its word processing (Word) or spreadsheet (Excel), is used by 1 billion people worldwide .The economic role of this job is for the computer giant.

Subscription model

"Office represents about one third of group sales and billions of dollars of investment per year," said Ariane Gorin, marketing director of Office at Microsoft France. In fact, the division of Business software giant, whose main activity is the result of office automation software, accounted for 31.2% of group sales in the first nine months of fiscal year 2010 – 2011. Over the same period, the division that handles Office has generated an operating profit of $ 10.5 billion, or half the group's operating income.Already, more than 200,000 companies worldwide have tested the preliminary version of Office 365.

800 partners in France

But the changeover of all clients to the set of software tailored for cloud computing, is expected to take time. "Large groups could wait five years to switch all of their users, while very small businesses should be the first to adopt Office 365," said Ariane Gorin business card design. She added: "Today, 90% of Microsoft developers are directed to the cloud."

For the global software giant, the move to cloud computing is revolutionizing its business model. So far Microsoft Office is sold licenses to computer manufacturers or directly to the public as a package. But with its new Office 365, Microsoft enters into a rental model.It offers several subscription to month, from 5.25 to 22.75 per user, depending on the services requested by customers. A first offer starts at 1.79 euro for a single messaging service (Exchange). For its part, Google highlights its prices lower than those of Microsoft, $ 5 per month per user.

For help in the distribution of Office 365, Microsoft has 800 partners in France, two of Orange Business Services and software integration Risc Group, which will sell the whole offer. Dematerialized data will be stored in Europe, in Microsoft's data centers in Ireland and the Netherlands. But the software giant plans to "adapt its offering to the specific needs of certain customers," said Ariane Gorin.For the financial sector, the data must be stored four times in separate locations.

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